Celebrate after win, not before

Dear Dave: My wife and I bought a franchise and are opening our own business next month. We've got $35,000 saved up, but my wife feels like the business is going to consume us for the next two or three years. She wants us to use about $3,000 of our savings and take a cruise before we open for business. What do you think?

- Chris

Dear Chris,

Here's a good rule of thumb for opening a new business: Everything's going to cost twice as much as you think and take twice as long as you expect. I'm sure you're both smart people, but you're probably not exceptions to this rule when it comes to opening and running a small business.

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Every single dollar connected with your business could mean the difference between survival and going under. I can understand where your wife's coming from, but at the same time, I think this idea is really unwise. You've got to look at the big picture. You guys are going to be heartbroken if you have to close up shop in a few months because you ran out of money. On the other hand, if you work hard, stay smart, and make this thing a success, you can take a cruise later and really celebrate!

Basically, right now you're unemployed and have $35,000 with which to start a business. It's time to rev up your engines and get to work. The time to celebrate is after you've won - not before you begin!